Nomura to adopt US audit standards

JAPANESE bank Nomura said today it is changing its top management and switching to a US-style corporate governance structure. Vice president Nobuyuki Koga will become president and chief executive in April, replacing Junichi Ujiie, who moves to chairman. Nomura intends to scrap its Japanese audit system in favour of the US-style model. Shareholders will be asked to approve the switch in June.